25th May 2021 | ZebPay Trade-Desk
Ethereum has corrected significantly over the past week from its recent all-time highs, which were upwards of $4,000. Early this week, the asset fell to levels of $1,800 very briefly, but since then has seen good momentum and strong recovery, currently trading at $2,600 levels. At lower levels, accumulation was seen, resulting in volumes holding up well, and reinstating the belief of the crypto community in the asset. Hence, even at these levels, the asset continues to look attractive.
As we can see from the hourly chart above, ETH, post making the low of $1,755 has witnessed a sharp recovery. The asset has surged almost 56% up to $2,751.7. On the technical front, ETH may face some stiff resistance at $2,788 and $2,981 levels. So, for the prices to go further up it needs to trade and sustain above these resistance levels. Whereas on the downside ETH can take support at around $2,300 levels.
| Resistance 2 | $2,981 |
| Resistance 1 | $2,788 |
| ETH | |
| Support 1 | $2,300 |
| Support 2 | $2,157 |
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